Greek stocks drop sharply on political jitters, bond yield spike

Athens, 15 October 2014 (MIA) - Greek stocks succumbed to a second day of selling pressure, shedding more than 5.0 percent on Wednesday, with traders citing political uncertainty jitters and a spike in Greek bond yields.

At 1144 GMT, the Athens stock exchange's benchmark index was losing 5.1 percent at 899.65 points, with index heavyweight banks shedding 4.35 percent, Reuters reports. 

Stocks fell 5.7 percent on Tuesday.

"Selling pressure is still on, prompted by political uncertainty and the spike in bond yields," said Theodore Krintas, head of wealth management at Attica Bank.

Athens has said it plans to exit its 240-billion-euro EU/IMF package by the end of the year and finance its needs from bond markets starting next year. But in a setback for those plans, Greek 10-year bond yields rose above 7.